Vetronics Market is expected to garner $4,362 million by 2022, registering a CAGR of 5.4% during the forecast period 2016-2022. Vetronics refer to vehicle electronics, which enable military units to integrate various systems such as communication, command, and control; vehicle electronic warfare system; navigation system; vehicle protection systems; and surveillance system to streamline activities such as communication, navigation, surveillance, and vehicle health management.
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Major Market Players:
• Lockheed Martin Corporation
• Leonardo-Finmeccanica S.p.a.
• Saab Group
• Thales S.A’
• General Dynamics Corporation
• Harris Corporation
• Curtiss-Wright Corporation
• BAE Systems PLC.
• Raytheon Company
• Rheinmetall AG
Easy availability of cost-effective components
Easy availability of vetronics components saves time and reduces cost of manufacturers. Furthermore, rising competition among vetronics components suppliers is projected to retain the impact of this factor throughout the forecast period.
Increased demand for enhanced vetronics
At present, there is high demand for vetronics equipped with advanced communication and protection technologies. Furthermore, this trend is projected to continue throughout the forecast period due to rising concerns of homeland security and growing competition among countries. As per AMR analysis, the overall impact of the factor is projected to increase by 2022.
Emergence of wireless communication technology
Military units across the globe are inclined towards investing heavily in procuring advanced technology-equipped vetronics systems. Furthermore, the demand for real-time communication vetronics is projected to remain high throughout the forecast period; thereby, increasing the impact of the factor on the market growth.
Border insecurity and competition
Increasing breaching incidences at borders has increased the need for deployment of advanced vetronics systems across the globe. Furthermore, the defense sectors across globe have heavily invested in procuring advanced vetronics systems to stay ahead in the competition with neighbor countries. These trends are projected to continue throughout the forecast period, which could increase the impact of this factor to boosts the market growth.
Low spending in defense activities
Countries, such as U.S., Colombia, Russia, and Iraq, have significantly decreased their defense budgets in the past few years. However, defense budget of these countries is projected to increase in the near future due to replacement of obsolete vetronics systems with the latest counterparts. Thus, the impact of the factor is projected to decrease in the future.
Economic growth in the emerging countries is anticipated to increase the defense spending. This is projected to increase the spending on vetronics systems by the defense sectors. Furthermore, emerging countries are expected to increase their military budget to strengthen their military units. Thus, the impact of this factor is projected to be moderate by 2022.
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